BP blames spill on a “sequence of failures”

Top news: BP released the results of its internal investigation into the causes of the April 20 oil rig explosion that led to a massive oil spill in the Gulf of Mexico. While the report accepts some blame for the disaster on BP’s part, it also emphasizes that “a sequence of failures involving a number of different parties led to the explosion and fire.”

The inquiry, which began almost immediately after the initial incident, faults workers for Transocean, which operated the rig, for failing to recognize the flow of hydrocarbons into the well in advance of the explosion. It also holds contractor Halliburton responsible for a faulty cement job in the well.

The report may offer a preview of the company legal strategy, should the U.S. Justice Department move forward with legal action against the company. BP’s incoming CEO Bob Dudley said the report shows that the explosion was “a shared responsibility among many entities” and the company has pledged to implement it’s recommendations at facilities around the world.

Making nice: Chinese President Hu Jintao told U.S. officials he wants to see “healthy and stable” ties between the two countries ahead of a visit to Washington.